Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 719 - AT - Income TaxDeduction u/s 80P - interest income - HELD THAT:- So far as the Revenue’s attempt to come out a distinction between nominal and regular members interest income(s) is concerned, hon'ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021 (1) TMI 488 - SUPREME COURT] has further settled the issue that the same does not bar an assessee from raising sec. 80P deduction once these twin memberships are in tune with the corresponding state’s cooperative law. Revenue further denying section 80P(2)(a)(i) deduction for the reason a “Souharda Society” is registered under Karnataka Souharda Sahakari Act, 1997 than an eligible assessee covered u/s. 2(19) of the Act applicable in case of a credit cooperative society only - Revenue could hardly dispute the clinching fact that the instant issue has already been decided in assessee’s favour and against the department by hon’ble jurisdictional high court’s in Government of India, Ministry of Finance vs., Karnataka State Souharda Federal Cooperative Ltd., [2022 (1) TMI 540 - KARNATAKA HIGH COURT] thereby holding that such cooperative societies registered under the Karnataka Souhadra Sahakari Act, 1997 very well come under the purview of a cooperative society defined u/s. 2(19) of the Act. That being the case, we reject the Revenue’s sole substantive ground.
|